KT Corp launches world’s first blockchain-powered commercial network
State-owned South Korean telecoms company KT Corporation has announced the launch of world’s first blockchain-powered commercial telecoms network, the Korea Herald reported on Tuesday night.
KT, the country’s largest telecoms group, has used blockchain’s digital ledger technology to create a platform for secure data distribution and transactions, said Seo Young-il, the head of KT Blockchain Center.
Blocks that contain customers’ digital data will be connected as a chain that can be securely utilised on the network with less risk of data being compromised, or attacks from hackers and other malicious operators, the company said.
It added that the current KT blockchain network was capable of handling 2,500 transactions a second, aiming to reach 100,000 by the end of 2019.
“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted,” said Seo.
KT Corporation expects to expand usage of its blockchain network to the fifth-generation of mobile telecoms, incorporating it in data roaming services to calculate data usage costs on a real-time basis – while internet connection speeds will improve thanks to the high-speed transactions on data blocks.
The company also plans to apply blockchain to finance and energy platforms across its businesses.